2010 Investment Company Fact Book

PDF Version

Foreword by Edward C. Bernard

Letter from the Chief Economist

ICI Research: Staff and Publications

Part 1: Analysis and Statistics

Chapter 1: Overview of U.S.-Registered Investment Companies

Investment Company Assets in 2009

Americans’ Continued Reliance on Investment Companies

Role of Investment Companies in Financial Markets

Types of Intermediaries and Number of Investment Companies

Investment Company Employment

Chapter 2: Recent Mutual Fund Trends

U.S. Mutual Fund Assets

Developments in Mutual Fund Flows

Demand for Long-Term Mutual Funds

Demand for Money Market Funds

Chapter 3: Exchange-Traded Funds

What Is an ETF?

ETFs and Mutual Funds

How ETFs Trade

Demand for ETFs

Characteristics of Retail ETF Owners

Chapter 4: Closed-End Funds

What Is a Closed-End Fund?

Assets in Closed-End Funds

Number of Closed-End Funds

Closed-End Fund Preferred Shares

Closed-End Fund Auction Market Preferred Stock

Characteristics of Closed-End Fund Investors

Chapter 5: Mutual Fund Fees and Expenses

Trends in Mutual Fund Fees and Expenses

Shareholder Demand for Lower-Cost Funds

Factors Influencing Mutual Fund Expenses

The Changing Distribution Structure of Mutual Funds

Chapter 6: Characteristics of Mutual Fund Owners

Individual and Household Ownership of Mutual Funds

Where Investors Own Mutual Funds

Shareholder Sentiment and Willingness to Take Investment Risk

Shareholders’ Use of the Internet

Institutional Ownership

Chapter 7: The Role of Mutual Funds in Retirement and Education Savings

The U.S. Retirement Market

Individual Retirement Accounts

Defined Contribution Plans

Distributions from Defined Contribution Plans and IRAs

The Role of Mutual Funds in Households’ Retirement Savings

The Role of Mutual Funds in Households’ Education Savings

Part 2: Data Tables

Data Tables

Section 1: U.S. Mutual Fund Totals

Section 2: Closed-End Funds, Exchange-Traded Funds, and Unit Investment Trusts

Section 3: U.S. Long-Term Mutual Funds

Section 4: U.S. Money Market Funds

Section 5: Additional Categories of U.S. Mutual Funds

Section 6: Institutional Investors in the U.S. Mutual Fund Industry

Section 7: Worldwide Mutual Fund Totals

Appendix A: How Mutual Funds and Investment Companies Operate

The Origins of Pooled Investing

The Different Types of U.S. Investment Companies

The Organization of a Mutual Fund

Fund Entities and Service Providers

Fund Pricing: Net Asset Value and the Pricing Process

Tax Features of Funds

Appendix B: Core Principles Underlying the Regulation of Mutual Funds and
                  Other Registered Investment Companies

Transparency

Daily Valuation and Liquidity

Oversight and Accountability

Limits on Leverage

Custody

Prohibitions on Transactions with Affiliates

Diversification

Appendix C: Statistical Releases and Research Publications

ICI Statistical Releases

ICI Research

Appendix D: Significant Events in Fund History

Glossary

 
Copyright 2010 Investment Company Institute